Virginia AMC Bond Overview
- Purpose: To enforce proper home appraisal practices and ensure appraisers are paid
- Who Needs It: All companies that oversee real estate appraiser panels in Virginia
- Regulating Body: The Virginia Department of Professional and Occupational Regulation
- Bond Amount: $100,000
- Minimum Price: $1,750, credit-based
What Is a Virginia Appraisal Management Company Bond?
A Virginia appraisal management company (AMC) bond is a type of surety bond required for residential real estate AMCs to operate legally.
The bond is a financial guarantee that AMC owners will uphold federal and state laws, rules and regulations.
Who Needs an AMC Bond?
In Virginia, an appraisal management company is defined as a person or entity that:
- Provides appraisal management services to creditors or secondary mortgage market participants
- Helps with valuing a consumer's principal dwelling for securitizations
- Oversees an appraiser panel of 15+ appraisers in Virginia or 25+ appraisers nationally
All Virginia AMCs need a $100,000 bond as proof of financial security. Alternatively, you can file a letter of credit. However, a letter of credit typically requires a fee plus full collateral, while a surety bond only requires the upfront premium payment.
How Much Do Appraisal Management Company Bonds Cost in Virginia?
The $100,000 Virginia AMC bond costs $1,750 for a 2-year term for highly-qualified applicants. Exact rates vary between 1–10% based on personal credit score. We also have premium financing options available.
Request your free bond quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Virginia AMC Bond Work?
An appraisal management company bond creates a financial guarantee that you will perform honest and legal appraisals. As the bond principal, you enter a three-party contract with the obligee and the surety.
| Bond Party | Description |
|---|---|
| 1) Principal | The AMC owner filing the bond |
| 2) Obligee | The Virginia Department of Professional and Occupational Regulation |
| 3) Surety | The issuing surety provider |
By signing the bond form, you promise to uphold Virginia AMC regulations, including:
- Follow state laws
- Pay applicable fees to appraisers
- Pay any fines owed to the state
- Protect clients from financial harm
If you break these regulations, the state or harmed consumers can file claims for reimbursement. The surety pays valid claims then collects repayment from you, the principal.
How Do I Get an Appraisal Management Company Bond in Virginia?
Submit a quick online application form. We’ll provide your personalized quote invoice within one business day or less.
After you checkout, we’ll email the official bond form in minutes. Please check your junk folder if you don’t see it.
How Do I File My Bond?
Once you have your bond form, file it with the DPOR’s Real Estate Appraisal Board along with your license application.
How Do I Renew My AMC Bond?
These bonds automatically renew every two years as long as you pay the renewal premium.
When you work with SuretyBonds.com, we’ll provide reminders before your bond expires. Simply pay the premium for another two-year term. If your credit score or financials have changed, you may receive a different price rate.
How to Get an AMC License in Virginia
To get your Virginia appraisal management company license, follow these steps:
- Register the business entity with the state and get your SCC number
- Complete the application form and attach supporting materials
- Purchase the surety bond and attach the bond form
- Submit the application packet, bond or LOC form, and fee payment
- Submit fingerprints for any control persons or 10%+ owners.
You may email the Board office with questions at [email protected].
Mail your application to:
Commonwealth of Virginia
Department of Professional and Occupational Regulation
9960 Mayland Drive, Suite 400
Richmond, Virginia 23233-1485
(804) 367-2039
How Much Does It Cost to Get a Virginia AMC License?
There is a $340 registration fee plus $25 per appraiser. Include a check or credit card insert with your license application packet. You’ll also pay at least $1,750 for the $100,000 surety bond.
